Iridium Communications Inc. (NASDAQ:IRDM) Shares Sold by Bank of Montreal Can

Bank of Montreal Can reduced its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 59.4% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 107,992 shares of the technology company’s stock after selling 158,181 shares during the period. Bank of Montreal Can owned approximately 0.09% of Iridium Communications worth $2,903,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of IRDM. Allspring Global Investments Holdings LLC raised its position in Iridium Communications by 7,684.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock valued at $27,000 after acquiring an additional 999 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Iridium Communications during the first quarter worth $29,000. Mather Group LLC. purchased a new position in Iridium Communications in the second quarter valued at $32,000. Blue Trust Inc. raised its position in shares of Iridium Communications by 109.7% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after acquiring an additional 780 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in shares of Iridium Communications during the 2nd quarter valued at about $45,000. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Iridium Communications Price Performance

Iridium Communications stock opened at $31.31 on Thursday. The company has a fifty day simple moving average of $27.60 and a 200-day simple moving average of $27.59. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 149.29 and a beta of 0.64. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $45.07.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.17 by $0.10. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The business had revenue of $201.07 million for the quarter, compared to analyst estimates of $204.01 million. During the same quarter in the prior year, the company posted ($0.24) EPS. The company’s quarterly revenue was up 4.1% on a year-over-year basis. On average, equities analysts anticipate that Iridium Communications Inc. will post 0.81 EPS for the current fiscal year.

Iridium Communications declared that its board has approved a stock repurchase program on Thursday, September 19th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to purchase up to 14.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Iridium Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.14 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.56 annualized dividend and a yield of 1.79%. Iridium Communications’s dividend payout ratio (DPR) is presently 266.67%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. BWS Financial reiterated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research report on Wednesday, July 24th. Barclays lifted their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Iridium Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.